“This month’s employment number falls short of the 12-month average primarily because of slowing in small business hiring,” said Ahu Yildirmaz, vice president and head of the ADP Research Institute, in a statement. “As the labor market continues to tighten, small businesses may increasingly face challenges when it comes to offering wages that can compete with larger businesses.”

“Job growth remains strong, but is moderating as the economy approaches full employment,” said Mark Zandi, chief economist of Moody’s Analytics, which produces the report with ADP. “Businesses are having a more difficult time filling open job positions, which are near record highs. The nation’s biggest economic problem will soon be the lack of available workers.”

Some economists think that continued slack in the labor market is a primary reason for wage stagnation; if Zandi’s prediction is correct, that could soon change. The PayScale Index, which tracks earnings for employed U.S. workers, forecasts 1.6 percent year-over-year growth for Q3 2016.

Jen Hubley Luckwaldt

Jen Hubley Luckwaldt writes about work-life balance, stress management, and other topics relating to what makes us happy at work. A full-time freelancer, she deals with stress by blurring the lines between life and work to the point where the two spheres are barely separate. The happiest day of her career was when scientists proved that looking at pictures of cute animals makes us more productive.